Media group the newest in a string of shops to shed jobs amid collapsing revenues within the digital period.
Vice Media, the edgy media outlet that courted millennials and Gen Z, has introduced it can stop publishing new content material on its flagship web site and lay off a number of hundred employees within the newest blow to the struggling media business.
Vice filed for bankruptcy in May earlier than being offered to New York-based Fortress Funding Group for $350m.
Value-cutting measures, together with a number of rounds of job cuts and the cancellation of its standard Vice Information Tonight programme, didn’t reverse its fortunes, which mirrored the broader struggles of reports shops within the digital period.
Vice will stop to publish content material on Vice.com and transfer to partnering with different media firms, Vice Media Group CEO Bruce Dixon mentioned in a memo that was broadly shared on-line.
“With this strategic shift comes the necessity to realign our sources and streamline our general operations at Vice,” Dixon mentioned in his memo, including that the corporate would swap to a “studio mannequin.
“Regrettably, which means we will probably be lowering our workforce, eliminating a number of hundred positions,” Dixon mentioned.
Additional particulars of the cuts are anticipated to be introduced subsequent week.
In January, the youth-focused model introduced that its music web site Pitchfork Media could be rolled into GQ Journal – killing off one other staple of 2000s various tradition.
Vice’s fall comes as conventional and digital media shops alike are struggling to discover a viable enterprise mannequin, with tons of of jobs shed by the business previously 12 months alone.
Vice’s rivals BuzzFeed Information and Jezebel, which shared its technique of mixing irreverent and severe content material, each shut down final 12 months, whereas Vox Media and juggernaut writer Condé Nast slashed jobs.
The bleeding has continued into 2024, with digital information start-up The Messenger shutting down, and layoffs introduced at TechCrunch, the Washington Publish, the Los Angeles Occasions, and the Wall Road Journal.
Newsroom employment in the US plunged by greater than 1 / 4 between 2008 and 2021, in keeping with the Pew Analysis Middle, as print promoting revenues dried up alongside the shift to digital content material.
Based because the Voice of Montreal in 1994 earlier than altering its identify when it later relocated to New York, Vice grew from a print journal right into a sprawling multimedia firm providing unique digital and video content material and several other offshoot channels.
On the peak of its success in 2017, the media group was valued at $5.7bn.
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